合资公司注册资本人民币5000万元，其中天宸储能认缴2550万元(持股51%)，达翔新能源认缴2450万元 (持股49%)。 近日，合资公司已完成相关的工商登记手续，取得了芜湖市繁昌区市场监督管理局颁发的《营业执 照》。 格隆汇1月9日丨天宸股份(600620.SH)公布，公司全资孙公司天宸储能科技(芜湖)有限公司与盐城达翔新 能源有限公司签署的《合资合同》及《合作备忘录》，天宸储能与达翔新能源联合出资设立"天宸达翔 能源科技有限公司"(暂定名，以工商登记机关核准的名称为准)，共同开拓储能市场全产业链。 ...

今日关注 1、北京市住建委等四部门印发《关于进一步优化调整本市房地产相关政策的通知》，自12月24日起施 行。一是放宽非京籍家庭购房条件，购买五环内商品住房的社保或个税缴纳年限由"3年"调减为"2年"， 五环外由"2年"调减为"1年"。二是多子女家庭五环内可多购买1套房。另外，商贷利率不再区分首套房 和二套房，二套房公积金贷款最低首付比例下调至25%。 宏观经济 1、中国人民银行货币政策委员会2025年第四季度（总第111次）例会日前召开。会议表示要保持流动性 充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，促进社会综合融资 成本低位运行。要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度。建议发挥增量政策和 存量政策集成效应，把握好政策实施的力度、节奏和时机。 2、12月24日，中国人民银行等八部门印发《关于金融支持加快西部陆海新通道建设的意见》。推动发 挥好"融资"和"结算"两项金融核心功能，支持西部陆海新通道高质量发展。支持探索推进内地与新加坡 数字人民币跨境支付试点。支持沿线有条件的省（区、市）建设跨境电商数字服务平台，提升跨境电商 服务能力。 2、2025年港股全年I ...

Group 1 - Beijing has further optimized housing purchase restrictions, easing conditions for non-Beijing households and allowing multi-child families to purchase additional properties [2] - The People's Bank of China (PBOC) is set to conduct a 400 billion yuan MLF operation on December 25, marking a net injection of 100 billion yuan for the month [3] - The new Encouragement Directory for Foreign Investment will take effect on February 1, 2026, adding 205 new items and modifying 303 to attract more foreign investment in advanced manufacturing and high-tech sectors [3] Group 2 - A-shares have seen a six-day rise, with the Shanghai Composite Index up 0.53% to 3940.95 points, and over 4100 stocks rising [6] - The Hong Kong stock market is expected to see a full recovery in 2025, with IPOs projected to reach 286.3 billion HKD, returning to the top globally [6] - The market is experiencing significant stock differentiation as year-end approaches, with private equity firms adapting strategies to embrace trends or maintain value [7] Group 3 - The semiconductor sector is facing a new wave of price increases, with companies like SMIC and World Advanced notifying clients of price hikes around 10% [10] - The National Energy Administration reported that electricity consumption in November reached 835.6 billion kWh, a 6.2% year-on-year increase, with the charging and swapping service sector seeing a 60.2% rise [10] - The global LED video display product shipments increased by 8.3% year-on-year in Q3, although China's market share has dropped to its lowest since 2021 [11] Group 4 - The market for precious metals has seen significant inflows, with silver futures experiencing a surge and related funds hitting daily limits [20] - International oil prices showed mixed results, with WTI crude up 0.03% and Brent crude down 0.05%, influenced by geopolitical events [21] - The domestic bond market is experiencing limited volatility, with government bonds showing mixed performance [19]

上市前一天的暗盘交易中，果下科技收报37.88港元，较发行价上涨88.46%，此时每手账面盈利已 达1778港元，与首日表现高度吻合。公开发售阶段果下科技获得了约1，890.73倍的巨额超额认购。 果下科技是一家中国储能行业的可再生能源解决方案及产品提供商，专注于为电源侧、电网侧以及 工商业和家庭场景提供储能系统解决方案及产品。根据行业资料，公司是业内较早实现储能系统与互联 网云端整合、并开发数字化能源管理平台的参与者之一，处于储能产业链的中游环节。 公司的收入呈现爆发式增长，从2022年的人民币1.42亿元迅猛增长至2024年的人民币10.26亿元，两 年间复合年增长率高达168.9%。同期，毛利也从人民币3560万元增长至1.55亿元。 果下科技今日正式登陆港交所主板，首日表现强劲。该股开盘报38港元，较发行价20.10港元大幅 高开89.05%，成交额达1.32亿港元。不计手续费，每手100股可赚1790港元。 | 02655 果下科技 | | | | --- | --- | --- | | 38.0001+17.900 +89.05% | | 等待开盘 12/16 09:20 | | * * 9 目 ...

回调即买点，再再 call 储能产业链 20251211 摘要 上游电芯厂最近发布了约 15%的涨价通知，主要原因是下游排产旺盛导致需求 超预期，而非单纯原材料涨价。因此，涨价并不会抑制需求。从政策角度来看， 中国市场并不存在大家担心的政策变动问题。相反，一些省份陆续出台了补偿 政策，如湖南省出台了按充电量补偿每度电 3 毛钱的调峰补偿政策。这类补偿 措施提高了储能项目的经济性，使得峰谷套利收益率达到 7%以上。此外，多 2025 年四季度六氟磷酸锂和 VC 现货价格大幅上涨，大客户反馈良好， 业绩反转明显。预计该趋势持续至 2026 年一季度，并扩展至其他中游 材料，如铁锂、隔膜、铜箔等。 未来具有良好投资前景的中游材料包括储能电芯、六氟磷酸锂、隔膜、 碳酸锂以及铁锂正极。在龙头主导格局明显的赛道上，如结构件和铝箔， 也推荐关注龙头公司。 上游电芯厂涨价主要因需求超预期，而非原材料涨价，预计不会抑制储 能需求。湖南等省份出台调峰补偿政策，提高储能项目经济性，峰谷套 利收益率达 7%以上，验证国内政策支持力度。 全球储能需求强劲，除美国外，意大利、智利、巴西等地通过招标及自 建项目推动发展，预计到 2027 ...

Group 1: Energy Storage - In November, domestic energy storage completed a total of 10GW/29.7GWh in bidding, with independent storage projects accounting for 90% of the total. The average bid price for 2/4h systems was 0.594/0.494 CNY/Wh, showing a slight decrease compared to October. It is expected that independent storage bidding will maintain a good level in 2026, supported by the development of the industry and a complete revenue model through energy, capacity, and ancillary service markets [4] - The logic for overseas energy storage continues to evolve, with the overall electricity shortage in the U.S. remaining unchanged. Future technological advancements are expected to be a key focus, with attention on overseas storage and SST opportunities. Demand for energy storage in non-U.S. countries is also anticipated to rise, such as in Middle Eastern data centers and Ukraine's reconstruction efforts [4] Group 2: Hydrogen and Ammonia - The Jilin Provincial Ecological Environment Department has accepted the environmental impact report for a project by Liao Yuan Tian Yi Hydrogen Energy Technology Co., Ltd., which aims to produce 180,000 tons of green methane annually. This project is part of the "wind-solar-storage-hydrogen-ammonia integration" series under a government framework agreement. The hydrogen and ammonia sector is expected to gain more investment due to dual benefits from China's future industries and the EU's carbon tariff in 2026 [5] Group 3: Lithium Battery - Production in December is expected to remain stable, with demand anticipated to improve in January. The market is currently negotiating on the demand side regarding domestic energy storage bidding expectations for 2026, while also monitoring the sales of new energy vehicles. On the supply side, the lithium battery industry is experiencing a "reverse involution" logic, establishing a trend of supply-demand improvement. Short-term expectations for lithium hexafluorophosphate are already high, and various segments are gradually entering long-term contract signing phases. Mid-term investment opportunities should focus on lithium mines with significant supply variability and membrane segments where profitability does not support expansion [6]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].

Group 1: Banking Sector - The Financial Stability Board (FSB) released the 2025 Global Systemically Important Banks (G-SIBs) list, with adjustments in group rankings. Industrial and Commercial Bank of China (ICBC) moved from Group 2 to Group 3, while Deutsche Bank dropped from Group 2 to Group 1 [4] - ICBC's capital strength remains adequate to meet G-SIBs regulatory requirements, especially considering factors like special government bond capital supplements and TLAC non-capital bond issuances [4] Group 2: Steel Industry - The Ministry of Industry and Information Technology (MIIT) issued the "Steel Industry Normative Conditions (2025 Edition)" on February 8, 2025, and reiterated the need to promote the orderly exit of outdated production capacity on July 18, 2025. This suggests a potential recovery in steel sector profitability to historical average levels [4] - Steel stocks' price-to-book (PB) ratios are expected to recover alongside profitability improvements, although caution is advised regarding significant fluctuations in futures prices [4] Group 3: Copper Industry - The China Copper Raw Material Negotiation Group (CSPT) has mandated member companies to reduce copper production capacity by over 10% in 2026, indicating a tightening supply chain that may lead to higher copper prices [5][6] - The processing fees and pricing terms for copper concentrate have deviated significantly from market norms, prompting CSPT to enforce stricter compliance among its members [6] Group 4: Renewable Energy and Utilities - The National Development and Reform Commission (NDRC) acknowledged the achievements in the development of energy storage and hydrogen energy, emphasizing the importance of market mechanisms for reasonable returns in the energy storage sector [7] - Recent policies aim to enhance the consumption of green electricity, with expectations for valuation recovery in the green electricity sector due to accelerated subsidy disbursements [7] Group 5: Jewelry Sector - Chow Tai Fook reported a 1.1% year-on-year decrease in revenue for the first half of FY2026, totaling HKD 38.986 billion, while net profit increased by 0.2% to HKD 2.534 billion. The company proposed an interim cash dividend of HKD 0.22 per share, reflecting a payout ratio of 85.7% [8]

Market Overview - The A-share market experienced weak fluctuations, with the Shanghai Composite Index down 0.46%, Shenzhen Component Index down 0.11%, and ChiNext Index down 0.2% [1][2] - The total market turnover exceeded 1.9 trillion yuan, a decrease of over 40 billion yuan compared to the previous trading day, with more than 2,700 stocks declining [1] Lithium Sector Performance - The lithium mining sector showed strong performance, with multiple stocks such as Tianhua New Energy and Rongjie Co. hitting the daily limit of 20% increase [1][3] - The price of lithium carbonate futures reached 95,200 yuan per ton, indicating a bullish trend in the lithium market [3] - The demand for lithium is expected to grow significantly, with predictions of a 30% increase in lithium carbonate demand by 2026, potentially pushing prices above 150,000 yuan per ton [3] Battery Materials and Technology - The lithium battery sector continued its strong performance, with companies like Rongbai Technology and Fengyuan Co. nearing daily limit increases [4] - Rongbai Technology signed a supply agreement with CATL, committing to supply at least 60% of its total procurement volume, which is expected to exceed 500,000 tons annually [4] Electrolyte Market Dynamics - The lithium battery electrolyte sector also saw a rebound, with companies like Huasheng Lithium Battery experiencing significant price increases [6] - The average transaction price for VC reached 132,500 yuan per ton, reflecting a 25,000 yuan increase from the previous week [8] Industry Trends - The storage market is emerging as a new growth direction for the lithium battery sector, driven by increasing demand and supply chain optimization [8] - The recent price increases in the midstream materials of the lithium battery supply chain are attributed to short-term supply-demand mismatches and growing storage needs [8]

Core Viewpoint - Huatai Securities indicates that the State Council's emphasis on promoting consumption and stabilizing investment reflects ongoing positive policy factors, with short-term market focus on new technologies and themes such as perovskite and asset restructuring [1] Group 1: Market Trends - The market is currently showing high attention to new technologies and themes, particularly in the perovskite and asset restructuring sectors [1] - The energy storage industry chain is expected to benefit from price increases in new materials, with a notable reduction in inventory in the carbon fiber industry [1] Group 2: Investment Opportunities - Three main investment lines for 2026 are identified: companies benefiting from overseas expansion that are not yet fully priced in, real estate chain companies with cleared risks and potential turning points in revenue or profitability, and new material companies likely to benefit from high-end manufacturing replacements [1] Group 3: Industry Index - The Building Materials ETF (159745) tracks the Building Materials Index (931009), which selects listed companies involved in the manufacturing and sales of cement, glass, ceramics, and other building materials [1] - The index reflects the overall performance of listed companies in the building materials sector, which is closely related to the real estate and infrastructure industries, with a primary focus on traditional manufacturing [1]